Homebuyer Alert: Minimum FICO Scores Are Falling

Good news for Bay Area buyers: Fair Isaac Corp., the company behind FICO credit scores, is urging lenders to lower the minimum-score requirements for home loans.
Fair Isaac says the high credit-score “cutoffs” that mortgage lenders imposed during the housing crisis are tighter than necessary. That’s according to veteran real estate columnist Kenneth Harney.
FICO credit scores that were considered acceptable risks for mortgage applicants in the early 2000s — the 640 to 680 range —  were exceedingly rare until recently. FICO scores run from 300 to 850, and most buyers in the first quarter of 2014 needed scores higher than 700 to get their home loan approved.
We reported in this this blog last month that lenders have started to loosen their credit requirements, and Harney confirmed in a recent column that Fair Isaac’s own researchers found that the risk of default on more recent borrowers is much lower than it was at the onset of the recession.
In 2005, for example, 36 borrowers with a FICO score of 700 paid their loans on time for every one who went into major default. In 2011, however, 91 borrowers paid their loans on time for every one who defaulted — a big decline in risk to lenders.
Researchers at VantageScore Solutions, a Fair Isaac rival, found similar results. The company concluded that mortgage lenders could safely expand the pool of homebuyers by lowering their credit-score requirements — without loosening up on other standards of down payments or debt ratios.
Earlier this year, Wells Fargo, the nation’s largest mortgage lender, cut the minimum acceptable FICO score for conventional loans from 660 to 620. In addition, it lowered score requirements for Federal Housing Administration loans to 600.
Other lenders have also trimmed their FICO requirements. With mortgage rates still at historically low levels, it looks like there will be no shortage of buyers bidding for the perfect Bay Area home throughout 2014.
If you plan to buy a home in the Bay Area or the Tahoe/Truckee region, Pacific Union’s mortgage partner, Mortgage Services Professionals, can offer loan advice and consultation to help make your purchase a success. 


(Image: Flickr/401(K) 2012)

Employment Above 95 Percent in 3 Bay Area Regions

Hot on the heels of a report that California home prices have returned to prerecession levels comes news that the state unemployment rate dropped below 8 percent for the first time since late 2008. And the Bay Area is leading the Golden State’s economic and housing recovery, with four of our local nine counties boasting jobless rates at or below 5 percent.
According to California’s latest monthly unemployment report, jobless claims fell to 7.8 percent on a seasonally adjusted basis in April, the first monthly decline of 2014. Employment rates in the state haven’t been this favorable since September 2008, statistics from the state Employment Development Department show. California added just over 56,000 jobs in April, almost five times as many as in the previous month.
Here in the Bay Area, unemployment rates dropped in all nine counties in March. At 3.9 percent on a nonseasonally adjusted basis, Marin County continued to have the lowest unemployment rate in the state, followed by San Mateo County (4.2 percent) and San Francisco (4.4 percent).
As the San Francisco Business Times noted late last week, these three counties have reached statistical full employment, which economists generally consider to be less than 5 percent. And if Bay Area job growth continues in the coming months, even more of our local counties could soon return to full-employment status.
Napa County’s April unemployment rate was 5.0 – tied for fourth lowest in the state – while Sonoma (5.3 percent), Santa Clara (5.3 percent), and Alameda (5.7 percent) counties followed close behind. As was the case in March, all nine Bay Area counties had employment rates better than the state average.
The construction industry continues to lead California in annual job gains. Construction firms added about 673,000 jobs in April, a year-over-year gain of 6.6 percent. Job growth in this sector can only be promising news for hopeful homebuyers in the Bay Area, where already tight inventory conditions were shrinking in most parts of our region as the busy spring season got going.
(Photo: Flickr/Thompson Rivers University)

Mapping 18 Bay Area Homes With the Highest Property Taxes

Properties with high values often pay hundreds of thousands of dollars in property taxes around the Bay Area. In fact, the owners of the region's most highly valued home, at least by the tax assessors, cough up more than $1 million every year in taxes. Real estate website Propertyshark compiled a list of properties from Marin down to Santa Clara county that have the highest taxes every year based on their assessed values. They are owned largely by tech moguls and CEOs, and many have sold within the past few years. We've mapped all of the homes, most of which sit in two clusters: one near Woodside for the Silicon Valley set and another along Billionaires Row in San Francisco's Pacific Heights.



Bay Area Properties that Pay the Highest Taxes
See one All


360 Mountain Home Road, Woodside
Property value: $117.5M
Property taxes: $1,275,110
The details: This nine-acre estate was purchased in late 2012 by Japan's second-richest man, Masayoshi Sun. At the time, it was one of the most expensive properties ever sold in the United States.

360 Mountain Home Road, Woodside, CA 94062


3000-3300 Portola Road, Woodside
Property Value: $83.8M
Property taxes: $907,965
The details: This estate is 42 acres and the tech entrepreneur owner has fought for several property tax reductions. It still includes an adobe structure built before the Gold Rush, although the main house was constructed in 2008. Photo via Bing

3000 Portola Road, Woodside, CA 94062


745 Mountain Home Road, Woodside
Property value: $73.2M
Property taxes: $792,587
The details: Oracle CEO Larry Ellison owns this Japanese-style property, which sits on 23 acres and has a manmade lake, a tea house, a bath house and a koi pond.

745 Mountain Home Road, Woodside, CA 94062


13310 La Paloma Road, Los Altos Hills
Property value: $40.5M
Property taxes: $468,905
The details: The home is owned by Russian investor Yuri Milner, who has stakes in local companies Facebook and Zynga. He doesn't live on the property, which he paid $100 million for despite its lower tax assessment.

13310 La Paloma Road, Los Altos Hills, CA 94022


2840 Broadway, San Francisco
Property value: $33.7M
Property taxes: $400,213
The details: At one point Larry Ellison, who lives next door, was rumored to have bought this property, but the actual purchaser was entrepreneur and former investment banker Roger Barnett. It is approximately 17,000 square feet and last sold in 2011.

2840 Broadway Street, San Francisco, CA 94115


179 Kings Mountain Road, Woodside
Property value: $34.6M
Property taxes: $376,387
The details: This is one of the more mysterious properties on the list, with only a holding company listed as owner and few property details to be found. Photo via bing

179 Kings Mountain Road, Woodside, CA 94062


3411 Woodside Road, Woodside
Property value: $34.4M
Property taxes: $372,843
The details: This is the home of banking billionaire Charles Schwab. It last sold for $28 million back in 2006.

3411 Woodside Road, Woodside, CA 94062


2950 Broadway, San Francisco
Property value: $30.1M
Property taxes: $357,802
The details: This 6-BR property on Billionaires Row set a record when it sold in April 2013 to socialites Trevor and Alexis Traina for $35 million.

2950 Broadway Street, San Francisco, CA 94115


2845 Broadway, San Francisco
Property value: $29.4M
Property taxes: $349,701
The details: This home has been on the market for as much as $65 million. However, the house was unfinished at the time and never sold for anywhere near that mark. Yammer founder David Sacks purchased it in 2012.

2845 Broadway Street, San Francisco, CA 94115


580 Mountain Home Road, Woodside
Property value: $31.1M
Property taxes: $336,689
The details: The property is owned by Cisco CEO and Chairman of the Board John Chambers. It sits on more than 10 acres and was purchased for $45.5 million in 2006. Photo via Bing

580 Mountain Home Road, Woodside, CA 94062


2901 Broadway, San Francisco
Property value: $28.3M
Property taxes: $335,995
The details: An Italian Renaissance 8-BR manse at the top of a hill on Billionaires Row, this property was once on the market for $58 million but sold for less than half that in 2012. When it sold it had been in the same family for some time and property taxes were only $7,200.

2901 Broadway Street, San Francisco, CA 94111


3277 Pacific Avenue, San Francisco
Property value: $27.9M
Property taxes: $332,279
The details: Salesforce founder Marc Benioff owns this property, as well as one just behind it on Jackson Street. President Obama once paid a visit.

3277 Pacific Avenue, San Francisco, CA 94118


2701 Broadway, San Francisco
Property value: $27.5M
Property taxes: $327,560
The details: This 1910 home has 7 bedrooms and an indoor basketball court and last sold in early 2012. It was on the market for a year at $32 million before taking a price chop to $28.5 million.

2701 Broadway Street, San Francisco, CA 94123


383 Walsh Road, Atherton
Property value: $28.5M
Property taxes: $309,345
The details: Another mystery home, this Atherton Property is owned by 383 Associates. It last sold back in 2007 for $18 million.

383 Walsh Road, Atherton, CA 94027


425 Belvedere Avenue, Belvedere
Property value: $27M
Property taxes: $298,444
The details: When it was built in 2009, this home faced opposition from neighbors who called it a McMansion and claimed it was ruining the views. It sold last year and was the highest sale on record in Marin County at the time.

425 Belvedere Avenue, Belvedere Tiburon, CA 94920


37 Raycliff Terrace, San Francisco
Property value: $24.1M
Property taxes: $286,102
The details: Back in 2008, this home sold for $29 million to Bebo founder Michael Birch and his wife Xochi. The property's "other address" is 2799 Broadway.

37 Raycliff Terrace, San Francisco, CA 94115


133 Atherton Ave, Atherton
Property value: $26M
Property taxes: $283,281
The details: The property was last purchased back in 2006 for $18.95 million by a Google executive. It's on a 3.74 acre lot and the house has been added onto since then.

133 Atherton Avenue, Atherton, CA 94027

38 Glenwood Avenue, Ross
Property value: $25M
Property taxes: $281,175
The details: On a leafy street in Ross, this property has 5 bedrooms and sits on more than 5 acres. It was last sold in 2005.
38 Glenwood Avenue, Ross, CA 94957




Article and photos sourced from: 

Marinwood Firefighters Save A Baby Bird From FireFighters

Marinwood firefighters used a garden hose attached to a vacuum cleaner to rescue a baby bird from an underground drain pipe Monday.

The bird fell from a nest in the eaves into a drain that went under a concrete surface at the fire station, said firefighter Brian Smith. Firefighters could not reach the chick, so they used the vacuum and hose extension to suck it out.

"He was on the end of the little garden hose," Smith said.

The bird was taken to WildCare in San Rafael. WildCare spokeswoman Alison Hermance, said the bird, a fledgling house finch, had a scrape on the top of its head but no other injuries. She said the bird can stand and hop and its wings seem healthy.

Because of its head injuries and the risk of infection, the bird will remain at WildCare for treatment. The staff at the nonprofit will raise it with other house finches its age, then release it into the wild when it is healthy and can fly, Hermance said.

Real Estate Roundup: Bay Area Home Sales Bloom in April

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious:
SAN JOSE, SAN FRANCISCO SEE LARGEST MONTHLY SALES VOLUME GAINS IN U.S.
Buyers came out of winter hibernation across the country in April, particularly in San Jose and San Francisco, which led the U.S. in month-over-month sales-volume gains.
According to a recent Redfin report, home sales volumes increased from the previous month in all 30 U.S. markets included in the study. Across those combined regions, sales volume grew by an average of 12.4 percent from March.
The company says 1,465 homes in the San Jose area sold in April, a monthly gain of 26 percent. With 1,405 sales in April, San Francisco was No. 2 in national monthly appreciation: 23.6 percent. However, sales volumes in both areas were down slightly from numbers recorded in April 2013.
Redfin’s report, which also tracks median prices and inventory levels, ranked San Francisco prices as the highest in the U.S., at almost $894,000. San Jose came in second, with a median price of $758,000, while Oakland ($547,750) ranked fourth.

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DISTRESSED SALES CONTINUE DECLINE ACROSS BAY AREA
Rising prices across the Bay Area have helped more homeowners rebuild equity, resulting in monthly distressed-sales declines in almost all of our local counties.
The California Association of Relators’ April pending and distressed sales report puts the number of distressed sales in the state at 12 percent, unchanged from the previous month. But in the Bay Area, the distressed-sales rate dropped by at least a percentage point in all tracked counties except Sonoma, where it held steady at 9 percent.
San Mateo County had the lowest percentage of distressed sales in California, at 2 percent. Alameda and Santa Clara tied several other counties for second place, with distressed sales dropping to 4 percent.

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SAN FRANCISCO OWNERS SPEND THE MOST ON KITCHEN REMODELS, CUSTOM HOMES
As we noted in a May 16 blog post, homeowners planning to put their property on the market this spring should focus their remodeling funds on the kitchen. A recent survey from home-remodeling website Houzz confirms the importance of an updated kitchen, with respondents spending the majority of their budgets upgrading that room.
Houzz’s survey found that the average owners spent just over $26,000 to overhaul their kitchens with amenities such as modernized countertops and appliances. In San Francisco the average kitchen remodeling project ran almost $45,000, the costliest amount in the country. San Jose followed close behind, with the average kitchen job costing about $44,000.
San Franciscans can expect to spend $1.15 million on a custom home, also the highest price in the U.S. and more than double the national average.

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LUXURY HOMEBUYERS DON’T DIG DINING ROOMS
Luxury homebuyers across the country are increasingly converting dining rooms to libraries, TV rooms, and entertaining spaces, according to a recent article in The Wall Street Journal.
The story includes an anecdote from part-time St. Helena resident Noreen McGuire, who told the publication that she eats most meals outdoors to enjoy the area’s natural beauty. That’s why it made sense to convert her cottage’s dining room into something more usable, namely a sitting room with French doors that open to the patio.
The new room is now McGuire’s favorite place to relax in the morning or take in the views during the rainy season, the article notes.
(Photo: Flickr/Molly258)

Explore the Aquarium of the Bay

Discover The Bay

Your Aquarium of the Bay exploration begins in Discover the Bay, featuring the distinctive ecosystems that support an incredibly wide variety of marine life.

Under the Bay

Stroll through 300 feet of crystal clear tunnels featuring over 20,000 marine animals from San Francisco Bay and nearby waters.

Touch the Bay

The magic of San Francisco Bay is literally at your finger tips in Touch the Bay, featuring touch pools with sharks, rays and sea stars, and the interactive Bay Lab station.

Animals

Meet some of most dynamic San Francisco Bay - and Aquarium of the Bay - residents.

Quick Tips

Make the most out of your day at the Aquarium and along San Francisco's "Walkable Waterfront"

Family Fun Activity Sheets

Extend your Aquarium of the Bay experience long after your visit with these fun, free kids activities.

FOR MORE INFORMATION:  http://www.aquariumofthebay.org/plan-a-visit/explore-the-aquarium

Bay Area, California Home Prices Reach Prerecession Levels

Real estate markets in the Bay Area and California hit a milestone in April, as median prices climbed back to levels observed before the Great Recession.




According to the California Association of Realtors April sales and price report, the median single-family home price in the state was $449,360, the highest since December 2007. Statewide, the median price increased 11.6 percent on an annual basis and 3.2 percent from March.

CAR says the California median price has increased year over year for the past 26 months but still has a ways to go before reaching its May 2007 peak of $594,530.

Across the nine-county Bay Area, the median home price rose to $768,110 in April, up 6 percent from March and 12 percent year over year. April’s median price was the highest recorded in the Bay Area since October 2007, when it reached $775,438. The Bay Area’s peak median, also achieved in 2007, was $821,539.

As in March, the median price in Marin and San Mateo counties was more than $1 million, though both markets saw prices decline from the preceding month. At $940,570, prices in San Francisco drew closer to the $1 million mark, while they broke $900,000 in Santa Clara County for the first time since CAR began tracking such data in 1990.

Home prices were up in all nine counties year over year, ranging from 1.6 percent in Contra Costa County to 23.5 percent in Solano County.

CAR expects California home prices to grow throughout the remainder of the year, Vice President and Chief Economist Leslie Appleton-Young said.

“Looking forward, it is likely that we will see a more moderate level of price increase throughout the rest of the year, and further improvements in sales in the spring home buying season,” Young said in a statement.

Declining inventory across the state, the Bay Area, and most of our individual local counties also points to further price appreciation in the coming months.

Throughout California, the months’ supply of inventory was 3.5, down from 4.0 in March but up from levels seen last April. At 2.4, the Bay Area MSI also declined from the previous month and was identical to its year-ago number.

Inventory decreased month over month in each of our nine counties with the exception of Sonoma, where it loosened from 3.2 to 3.7. At 1.8, the regional MSI was lowest in San Mateo and Santa Clara counties.

With an MSI of 4.5, Napa is the sole Bay Area county that could be considered a balanced market. Generally speaking, an MSI below 4.0 is considered a seller’s market, while a 6.0 and higher skews in favor of buyers.

(Image: Flickr/FutUndBeidl)

Sonoma County family pet’s miraculous return

TIMBER COVE, Calif. —

It sounds like the plot of a Disney movie. But one look at the smile on Ray Frost’s face tells you that this definitely is a real life love story between a family and their pet dog.

Nearly two months ago, the Frost family’s beloved shepherd mix disappeared out of the family’s backyard along the rugged Sonoma Coast north of Bodega Bay.

For weeks, Ray Frost hiked through the heavily wooded coastline, calling out Mike the dog’s name or whistling, hoping to hear the familiar sound his bark.

But there was no answer. Eventually, hope turned to dismal, then to sorrow as the family came to grips that they may never see Mike again.

On Thursday night, two fishermen happened to come across an emaciated dog trapped on a coastal cliff.

It was Mike. Somehow he had fallen to down the steep cliffside and become trapped.

After seven weeks, he was in a terribly weakened state. One of the fishermen hoisted him onto his shoulder and carried him to safety.

The Santa Rosa Press Democrat reported Monday that the fishermen stopped at nearby grocery store and asked if someone had lost a shepherd.

Christine Manaro, who was working at the store, told the newspaper that her immediate thoughts were of Mike. She sent a friend out who took one look and confirmed that Mike had made it home.

“It was quite a homecoming,” Frost told the Press Democrat. “It was pretty amazing.”

Mike is recovering and trying to gain back the 35 pounds he lost during his ordeal. If he were human, Mike would have quite a tale to tell – how he survived for nearly seven weeks on a ledge 150 feet below Highway 1.

But maybe Disney will tell it for him.

Article and Photo Sourced From:  http://www.ktvu.com/news/news/local/sonoma-county-family-pets-miraculous-return/nfzTH/

California Luxury Buyers Far Prefer Hilltop Views to Oceanfront Homes

Luxury homebuyers in California love hilltop views. An oceanfront home? Not so much.
Forty-one percent of buyers who purchased luxury homes in the state last year opted for a property with a hilltop view, according to a survey by the California Association of Realtors, which defines a luxury home as one costing $1 million or more. Just 10 percent bought an oceanfront home.
In fact, hilltop homes were so popular that they bested oceanfront homes and ocean-view homes combined (38 percent).
Sixteen percent of buyers in 2013 picked up luxury homes located near golf courses, followed by those in mountain areas (12 percent), resort areas (9 percent), lakefront (4 percent), and ski resorts (1 percent).

Most homes sold for $1 million to $2 million (76 percent), with 13 percent priced from $2 million to $3 million, 6 percent from $3 million to $5 million, and 3 percent from $5 million to $10 million.
Luxury buyers had a median income of $350,000, according to the survey, and a median age of 53. Seventy-one percent were Caucasian, 74 percent had a college degree, and 48 percent were single.
One-quarter of luxury buyers cited the desire for a larger home as the main reason for their purchase, while 20 percent said they wanted to upgrade their location.
The survey found that 35 percent of luxury buyers paid cash for their property, compared with 27 percent of traditional buyers and 11 percent of first-time buyers.
Because luxury buyers are likely to have larger incomes, they were also able to make average down payments of 30 percent — 5 percent higher than traditional buyers. Nearly 56 percent of luxury buyers financed their down payments via personal savings, while about 28 percent used proceeds from an investment.
In the Bay Area, luxury-home sales have jumped dramatically over the past year — up an average 27 percent from the first quarter of 2013 to the first quarter of 2014 in Pacific Union’s nine Northern California regions.
By the way, luxury buyers’ love of views was confirmed in another recent survey mentioned on Pacific Union’s blog. That Realtor.com survey found that 44 percent of buyers consider the home’s views of mountains, oceans, or cityscapes to be the second most important feature when considering a luxury purchase. The most important feature, at 54 percent, was a chef’s kitchen. 
(Image: Flickr/Sonny Abesamis)

San Francisco's 10 Best Happy Hours

It takes a special level of dedication to clock out right at 5 p.m. and head out for drinks. It is also a time-honored American tradition. Last year, we broke down our favorite happy hour spots by neighborhood. This year, we're paring the list down to our 10 favorite places for the early-evening budget drinker.

Every bar in the Castro
Just walking through the Castro on any given weeknight is likely to make you feel drunk, let alone walking in any one of a dozen venues where drinks are extremely cheap during the hours known as happy. In order to stay competitive amongst local alcoholics, all the bars in the 'hood do either $3 well drinks or 2-for-1 cocktails before 8 or 9 p.m. daily. At Badlands, you will be handed your two vodka sodas with a side of Britney Spears. At Q Bar you will get 2-for-1 anything, even top-shelf vodka soda. At 440, they start the drink specials at noon, and on Tuesdays all beer is $2, all day and night. At Hi Tops and Blackbird, well drinks are 3 bucks before 8 p.m., but you may be tempted to order one of the nicer mixed beverages off the menu, and those are all full price. Some of these bars hand out wooden nickels that are good for free drinks, but some of these bars only accept said wooden nickels during happy hours. In any event, if you're unemployed or generally in need of bargain boozing, the Castro has you covered. Just try to head home before you can't walk on your own. —Jay Barmann

Celia's house margarita photographed by Cathy K/Yelp

Celia's by the Beach
Described by one local food writer as "the La Rondalla of the West Side," Celia's by the Beach is a piece of San Francisco history that comes with loads of melted cheese, salt on the rim, and a dangerous happy hour. From 4:30-6 p.m. (they're closed on Mondays), enjoy $2 canned beer, $3 bottled beer, $4 drafts (what are you, fancy?) and $5 well drinks. Tequila flights and apps are a buck off, but the chips and salsa come copious and free. There always seems to be some sort of margarita special going on, too, check the board on your way in. The crowd is a sometimes-volatile mix of longtime Outer Sunset residents, members of the area's new hipster wave, SF State kids hoping not to get carded, and foodies waiting for a seat at Outerlands. Taco Tuesdays can be uncomfortably packed (that's when tacos are $1 and margs are $4), it might be worth the extra couple of bucks to go any other night. — Eve Batey
4019 Judah (between 45th and 46th Avenues)

The bar at Uva Enoteca. (Photo: Joseph Lubushkin)

UVA Enoteca
UVA is on our list for the second year in a row for good reason, as it's still one of the best deals around. From 5-6:30 Monday-Thursday and 3-6:30 Saturday and Sunday, cans of beer (but they pour it into a glass, so you still feel all grown up) are $2, petite carafes of wine are $5, and there's a limited (and cheap!) selection of pizza, pasta and nibbly things to soak it all up. Get their early—UVA's prime seats at their lovely marble bar fill up fast. — Eve Batey
568 Haight (at Steiner)

Photo of the Mucky Duck's unassuming exterior: Kevin Y/Yelp

The Mucky Duck
This Inner Sunset dive isn't for amateurs—this place has a crowd that rolls in at 11 a.m. and sticks around for the day. By the time you arrive for their happy hour, the regulars are at optimum friendliness and warmth. The service is just as pleasant: for example, the bartender who answered the phone when we called to confirm happy hour prices asked "you coming down?" then seemed genuinely disappointed when we told her that our query was for journalistic purposes only. Though the Duck has a rotating list of specials, happy hour celebrants enjoy $3 Buds or PBRs and $4 well drinks or "select microbrews" 4-7 p.m. Monday-Friday. — Eve Batey
1315 9th Avenue between Irving and Judah

photo: Erik Wilson

Columbus Cafe
On paper, Columbus Cafe's happy hour is simple: Seven days a week, from 4-8 p.m., draft beers are two for the price of one. You buy one beer, you get a poker chip to cash in for the second. The chips are redeemable until 9 p.m. any day of the week, for as long as the bar is open—meaning savvy socializers can effectively extend their happy hours and chip-hoarding regulars can get absolutely slammed for next to nothing. —Andrew Dalton
562 Green (at Columbus)

Local rock cod tacos at Bar Crudo. (Photo: Jennifer Yin/SF Beer Week)

BAR CRUDO
Crudo's oyster, chowder and fish taco happy hour made last year's list and it's still one of the best deals in town for a cheap date or a change from your usual divey after work haunts. Happy hour is 5 to 6:30 p.m., Tuesday - Sunday and weekend evenings tend to have folks outside waiting for the doors to open right at 5. —Andrew Dalton
655 Divisadero (at Grove)

(Photo: Curtis Locke)

Elbo Room
Claiming to have San Francisco's longest happy hour from 5-9 p.m., the Elbo Room deserves a mention for $2 special draft beers, discount cocktails and a bank of pinball machines that you can use to take out the day's aggression. —Andrew Dalton
647 Valencia (at Sycamore)

photo: Erik Wilson

Tunnel Top
After work, dip out of Union Square and head to the top of the Stockton Tunnel where the beers are $3 and the lights are dim. Get there early for a seat in the window on the second floor mezzanine and dip out before the DJ comes on and things get noisy. —Andrew Dalton
601 Bush (between Stockton and Burritt)

(Photo: The Riptide)

The Riptide
Another two-time winner, the Riptide gets points for "honest drink specials" from 4 - 7 p.m. and no-nonsense free food like hot dog Tuesdays, nacho Wednesdays and DIY grilled cheese Thursdays. In other words: the same munchies you'd be shoving in your face if you were drinking alone at home. —Andrew Dalton
3639 Taraval (at 47th Avenue)

Mission Rock Resort (photo credit: Joe M. /Yelp)

Mission Rock Resort
On days like today, especially, you want to be sitting out on a deck, sipping cold beer and slurping oysters, and this is the place for that. At happy hour (3 to 7 p.m.), Mission Rock Resort has four hours worth of 99-cent oysters, as well as $5 draft beers, and $6 cocktails and wine. You won't find a more sun-drenched and relaxing spot, assuming you score one of the tables on the deck, and it makes for a perfect pit stop before a Giants game. - Jay Barmann
817 Terry A Francois Blvd (between Mariposa and 16th Street) Honorable mention: The Sycamore for fancy drafts, board games and free WiFi; Mission Bar for cheap drinks; Owl Tree for Costco Charcuterie and mingling with tourists; Sugar Lounge for a free mini-buffet; and literally every place on last year's list is still a strong contender for best place to take your afterwork drinking.


Article and Photos Sourced From:  http://sfist.com/2014/05/14/san_franciscos_best_happy_hours_1.php

A Reminder to Homebuyers: Annoy Sellers at Your Peril

Prospective buyers would do well to remember that they won’t get any closer to their goal of home ownership by annoying sellers.
This may seem an obvious point, but real estate professionals say buyers irritate sellers time and again. Transgressions range from failing to comply with a request to remove shoes while indoors on a rainy day to failing to call well in advance when canceling a scheduled walk-through.
Don’t forget that until the deal actually closes, the seller holds the ultimate trump card: the home itself. And it’s a seller’s market nowadays, particularly in the Bay Area, where single-family-home inventory has been constrained for the past year.
A recent article on Bankrate.com, a website that aggregates financial data, notes that “a little give-and-take is normal, but some buyers push the envelope, as well as the sellers’  buttons.” The article goes on to list eight ways that homebuyers may annoy sellers and jeopardize a purchase:
Skipping appointments: Failing to show up for a scheduled appointment, or canceling at the last minute, is simply rude; the seller may have spent half a day making the house spic-and-span for the visit. Unless there’s a last-minute emergency, buyers must show up on time.
Disregarding house rules: If you (the buyer) are touring a home, remember that it’s not yours (yet). Take your shoes off inside, if requested, don’t let children run amok, and respect the wishes of the seller.
Nitpicking: If you don’t like something in the house, but it’s not a negotiable flaw, be quiet about it while touring the property. Some sellers may secretly install cameras or microphones to listen in on conversations, so save any catty remarks for the car ride home.
Presenting a long list of flaws: Using a laundry list of perceived defects as a negotiating tool could backfire and make a seller wonder whether the buyer is seriously interested. The seller is more concerned with the bottom line than a buyer’s critical observations.
Requesting multiple visits: As a sale approaches closing, sellers are busy making repairs, packing up, and moving. They don’t have time to accommodate a buyer’s repeated requests to come in, look around, and ruminate on future plans.
Renegotiating after reaching a deal: Barring any surprises from a home inspection, the negotiated price should be the final price.
Generating ‘iffy’ commitment letters: You can understand where a seller would get nervous if, after an agreement has been reached, the buyer’s lender steps in with a letter asking the buyer to confirm his or her credit-worthiness. Save everyone a panic attack by securing the loan beforehand.
Speeding up the closing date: It’s understandable that an anxious buyer may want to move up the closing date, but the seller needs time to pack up and move out. An extra ounce of courtesy is always appreciated.


(Image: Flickr/Pall Spera Co.)
 

Animal Rescue Foundation and SF Giants Host an Event on June 27th

ARF VIP Experience at AT&T Park
Friday, June 27th

The San Francisco Giants and ARF are proud to join together for a special pre-game event at AT&T Park! All ARF Night ticket holders will get access to the VIP pre-game party for complimentary food and beverage at the Triples Alley premium space, and receive a limited-edition ARF-themed Giants item and a complimentary raffle ticket into drawing for Giants memorabilia.

A portion of every ARF Special Event ticket supports ARF’s life-saving programs for pets and people. 

Purchase a VIP ticket and game package for $200 or add the VIP experience to your game ticket for $125. To purchase, visit sanfrancisco.giants.mlb.com.

ABOUT ARF:

ARF saves dogs and cats who have run out of time at public shelters and brings people and animals together to enrich each others lives. ARF strives to create a world where every loving dog and cat has a home, where every lonely person has a companion animal, and where children learn to care.

Vision
ARF was created in 1991 by Tony and Elaine La Russa to address the needs of companion animals. Their vision for ARF is an organization that can not only aid abandoned and homeless animals, but also promote the concept that people's lives can be enhanced by strengthening the bonds between humans and animals. With these intertwined goals as the guiding principles, ARF is known as a national as well as local leader.

ARF is growing to meet the demands of the 21st century with the first private adoption and education center in Contra Costa County, California. ARF will continue to respond to the immediate needs of animals who have been neglected, abused or deprived of love to ensure they find high quality homes. At the same time, ARF will embody the vision of a better future-one where animals are respected for the unique role they can and do play in making the world a better place for people to live and where there is a stable and loving home for every pet to complete its natural lifespan.

Article and Photos Sourced From:   http://www.arf.net/about/events/2014/giants-vip.php

All-Cash Sales Reach All-Time High

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious:
NEARLY HALF OF U.S. HOMEBUYERS PAYING ALL CASH
More buyers than ever before are forgoing financing and paying all cash for homes, according to RealtyTrac’s Q1 2014 U.S. Institutional Investor & Cash Sales Report.
All-cash sales accounted for nearly 43 percent of residential real estate transactions in the first quarter, the highest since the company began recording that statistic in 2011. The number of U.S. buyers paying all cash jumped 24 percent from the first quarter of 2013, and the trend has been particularly prevalent in the Lake Tahoe and Northern Nevada regions, the report notes.
“The cash buyer segment of the Northern Nevada housing market is very strong,” Craig King, COO of Chase International, told RealtyTrac. “More than 50 percent of transactions in our Reno office were cash sales.”
The report also found that while institutional investor activity reached a two-year national low, it increased 92 percent annually in the San Francisco area – the second-largest increase in the country.

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CALIFORNIA SEES BIG MORTGAGE-DELINQUENCY DROPS
Mortgage-delinquency rates across the U.S. were at their lowest levels in nearly six years in the first quarter, with large declines in California helping to buoy the national recovery.
TransUnion’s most recent mortgage report shows that U.S. mortgage delinquencies dropped 24 percent year over year in the first quarter, the ninth straight quarter of decreases. Currently, the national mortgage-delinquency rate stands at 3.6 percent.
California posted annual mortgage-delinquency declines of about 37 percent, the second highest in the country. TransUnion says that while California’s delinquency rate was double the national average five years ago, it has fallen to 2.8 percent to outpace the rest of the country.

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PACIFIC HEIGHTS HOME SELLS FOR 70 PERCENT MORE THAN LIST PRICE
While multiple offers and overbids are commonplace in San Francisco, one homebuyer in the city’s prestigious Pacific Heights neighborhood has taken things to what some might call illogical extremes.
As Curbed reports, the two-bedroom home at 2514 Gough Street sold for $3.4 million, an astonishing 70 percent above its initial asking price of $2 million. Built in 1941, the home features amenities such as a gated courtyard entry, a Japanese rock garden, and a patio and garden area.
By comparison, the average San Francisco homebuyer paid about 10 percent above asking price for a single-family home in April, according to Pacific Union’s most recent monthly real estate report.

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AMERICANS BULLISH ON HOUSING AND JOB MARKETS
More Americans than ever believe now is a good time to sell a home, according to Fannie Mae’s April 2014 National Housing Survey.
Forty-two percent of survey respondents told Fannie Mae that the current market is right for sellers, which the company says is a record high. Only 5 percent of those surveyed felt that housing prices would decline in the next year, the study’s all-time low.
Just 12 percent of Americans reported having a smaller income than they did a year ago, also the lowest level Fannie Mae has recorded. The report notes that fewer people are worried about losing their jobs, which may attract more buyers to the housing market.
“Consistent with Friday’s upbeat jobs report, concern about job loss among employed consumers also has hit a record survey low,” Fannie Mae Senior Vice President and Chief Economist Doug Duncan said in a statement. “These results are in line with our expectations for increased housing activity and gradual strengthening of the housing market going into the spring and summer selling season.”


(Photo: Flickr/401(K) 2012)

4505 Burgers & BBQ and Smokestack Both Now Open

Photo: Jay Barmann

 

Up on Divisadero, 4505 Meats has debuted their little burger-and-barbecue joint in the former Brothers/Da'Pitt BBQ space on Grove Street. It's technically takeout only for now, but there is some temporary patio seating that's will be replaced by something a little nicer. Chef Ryan Farr is officially slinging brisket, ribs, sausages, and chicken, as well their famous burger (known well to everyone who's been to their Ferry Building farmers' market stand). And! He's selling a creation called the Frankaroni — that would be one of their famed bacon-studded hot dogs wrapped in macaroni and cheese and then deep fried.
The best news about this place is that they've got a dedicated burger window that stays open longer than the restaurant, until 2 a.m., to cater to all those stumbling out of The Page or Madrone Art Bar at last call.
Here's the menu. Note that they're open Sunday to Thursday from 10 a.m. to 10 p.m., with the burger window open with a limited menu on Friday and Saturday until 2 a.m.

 

And over in Dogpatch, Monday night marked the opening of Magnolia Brewing's grand new taproom/bar and barbecue restaurant (2505 Third Street at 22nd). The restaurant is called Smokestack, and it's being helmed by Namu Gaji chef Dennis Lee. Lee is slinging "non-denominational" barbecue, meaning he's drawing influences from all over the the barbecue centers of Kansas City, Texas, and the Carolinas, as well as Asia. I can tell you right now that the chopped, smoked pork is phenomenal — don't-wait-another-day-to-go-try-it phenomenal. And the well-spiced Brunswick stew (a concoction designed for the best use of BBQ leftovers) is also stellar. It's all counter service, with seating at big, beer-hall-style communal tables, and all the meat is sold by weight — in the style of Fette Sau in Brooklyn.

The design, was handled by Kevin Landwehr and Devin Becker of Brooklyn-based Nothing:Something, incorporates a lot of reclaimed and industrial elements, and a set of backlit numbers around the beer menu (with 12-15 Magnolia brews on tap at any given time) will indicate when taps are kicked. Also, in a clever connection with the Haight Street flagship pub, Smokestack’s custom-built tabletops and benches were made with wood from a black acacia tree that used to live on Haight Street, right next to the pub, until the City had to cut down
The hours are 4 p.m. to midnight for food, and the bar stays open until 2 a.m. Lunch service is yet to come.

Photo: Jay Barmann

 

 

As for the brewery portion, things still look under construction, but I believe a daytime tasting/tour component may come along in the future. Nonetheless, much beer is already being brewed. And I recommend the saison.


4505 BBQ & Burgers - 705 Divisadero at Grove
Smokestack - 2505 Third Street at 22nd



Article & Photo Sourced From:  http://sfist.com/2014/05/08/new_bbq_4505_burgers_bbq_magnolia_d.php

The Top Independent Bookstores in the Bay Area

This Saturday is the first ever California Bookstore Day, and it's gonna be rad, and not just for bibliophiles. More than 90 independent bookstores across the Golden State are throwing epic events. Headlining attractions include exclusive books you can't get on any other day at any other place, but there will also be readings, prizes, bites, and cocktails, plus famous authors and artists. 

If you can't make it to one of the events, stop by one of these awesome local bookstores to show your support. 

Walden Pond Bookstore

Walden Pond Book Store is a neighborhood gem that's provided Oaklanders with their reading material for over 40 years. About 60 percent of Walden’s more than 100,000 books are used and affordably priced, and the store gladly buys back novels from its customers. The bibliophilic staff is very helpful and can guide you among the teetering piles of fiction, non-fiction, and specialty books to find what you're looking for or make a recommendation. Walden's Pond also maintains a rare book collection in an upstairs storage room that once hosted readings by Isabel Allende and other literary greats. 3316 Grand Ave., Oakland 

City Lights

Founded in 1953 by poet Lawrence Ferlinghetti and Peter D. Martin, booklovers from across the country and around the world come to browse, read, and just soak in the ambiance of alternative culture's only "Literary Landmark." The nation's first all-paperback bookstore, City Lights now offers three floors of both new-release hardcovers and quality paperbacks with an impressive range of titles from smaller, harder-to-find, specialty publishers. It's a completely unique San Francisco experience, and a must for anyone who appreciates good books. 261 Columbus Avenue, San Francisco 

A Great, Good Place for Books

A clever, book-inspired name isn't all you'll get at this local bookstore. It's a small space, but filled to the brim with books of every genre. Plus, there's a frequent buyer's club, and monthly book clubs, if you like to gush about novels after you read them. Once you'd made your selection, grab a treat at the XOXO truffles store just a few stores up the block. Opt for the hot chocolate and truffles, and snuggle in. 6120 La Salle Ave., Oakland

Green Apple Books

Richard Savoy founded Green Apple Books in 1967 with a stock of used books, comics, and National Geographic magazines. These days, they've modernized with a music and DVD collection as well, but it's hard to find a better-stocked bookstore. Green Apple Books will participate in the festivities this weekend with author appearances, a food truck, and surprises. There are 13 unique books and art pieces set up to make it the party of the year. 506 Clement Street

Pegasus Books 

Founded in 1970 (when it was stocked with newspapers as well as books), Pegasus has become an East Bay staple with locations in both Berkeley and Oakland. Amy Thomas, who bought Pegasus in 1995, has served as the president of the Northern California Independent Booksellers Association as well as on the board of the ABA’s American Booksellers For Free Expression. Needless to say, the people here know what they're talking about. Plus, you can sell or trade in your old books. 5560 College Ave., Oakland 

Book Passage

Book Passage has served the Bay Area for more than 30 years, providing the community with an array of author events, writing and language classes, and highly-respected annual conferences. You can see everyone from Presidents and prelates to Nobel Prize-winners and first time novelists speak within their walls, and they average more than 700 author events every year! Book Passage also has a unique program of in-store classes designed for people who want to learn more about writing and the book business, as well as three annual writing classes. And oh yah, there are tons of books, too. 1 Ferry Building, San Francisco 

Borderlands Books

Specializing in science fiction, fantasy, and horror (in fact, that's all they sell) Borderlands has been supplying the nerds of SF with good literature for over a decade. Plus, they have one of the best selections of small-press genre titles in the country with a stock of nearly14,000 titles. No big deal. 534 Laguna Street, San Francisco 

Bay Area Free Book Exchange

There are 10,000 free books just waiting for you in El Cerrito! The Bay Area Free Book Exchange has given away 437,924 books since May 2009, and all books on all of the shelves are free for the taking. They're only open on the weekends, but it's worth the trek to El Cerrito to lead up your car with literary goodies. Take note: there's a limit of 100 books per person per day. 10520 San Pablo Avenue, El Cerrito

Booksmith 

Neighborhood gem, Booksmith is marking the occasion, by taking over the back deck at Sparrow Bar next door. Buy one (or more) of 11 CBD items at Booksmith and get free admission at Sparrow, and a free glass of wine. While you're there, Christian Robinson (Josephine), Lisa Brown (29 Myths on the Swinster Pharmacy) and Jane Mount (My Ideal Bookshelf), will be on hand to sketch you a custom doodle. 1644 Haight Street 

Adobe Books

Adobe Books, local champion of SF's art scene from the literary to the musical, is back and better than ever after falling on hard times last year when they were forced to move from their long-time Mission home. Stop by to peruse the great selection of books, peek into the back gallery where local artists showcase masterpeices, or just hang out with owner Andrew McKinley. 3130 24th Street

Read more at http://www.7x7.com/arts-culture/top-independent-book-stores-bay-area#QzwzUByBZPL5RWM6.99

Down Payments Declining in Changing Mortgage Scene

Good news for homebuyers: Average down payments are declining, a sign that lenders are serious about easing  home-loan requirements.

Many buyers assume they need to put down at least 20 percent of the purchase price in order to qualify for a loan, but the average down payment for a 30-year, fixed-rate mortgage in the first quarter of 2014 was 15.78 percent, according to data compiled by LendingTree. That’s down from 16.01 percent in the fourth quarter of 2013.

Also, average credit scores for LendingTree customers dropped 6 percent year over year, suggesting that lenders are more willing to consider a wider pool of borrowers.

“As the housing market improves and refinance activity declines, lenders are adapting their guidelines to improve credit accessibility for borrowers,” Doug Lebda, LendingTree founder and CEO, said in a statement.

“Relaxed lending guidelines translates to a larger pool of qualified homebuyers that could boost the housing recovery,” Lebda said. “While lenders still need proof that a borrower has the financial ability to repay the loan, lenders have started to accept lower down payments and credit scores from potential borrowers.”

Average down payments by state in the first quarter ranged from 12.31 percent in North Dakota to 19.36 percent in New Jersey. Unsurprisingly, California residents dropped the third largest down payments in the U.S. — 18.21 percent — slightly lower than buyers in New York, who put down an average of 18.54 percent.

The LendingTree data supports another recent study that found lenders have lowered borrowers’ minimum FICO credit scores and debt-to-income ratios over the past year to attract more business.

First-time buyers, who generally face the closest scrutiny from lenders, would do well to talk with a real estate professional for help finding a lender and prequalifying for a home loan before entering negotiations with a seller.

If you plan to buy a home in the Bay Area or the Tahoe/Truckee region, Pacific Union’s mortgage partner, Mortgage Services Professionals, can offer loan advice and consultation to help make your purchase a success. 

(Image: Flickr/Lucas Stanley)

We Will Not Apologize For More Photos Of The S.F. Zoo's New Red Panda

Yesterday we met the San Francisco Zoo's unnamed Red Panda. We learn today that Mr. Red Panda (as we will call him until he gets an official name) has an adorably vicious thirst for plush toys and bamboo. Although our new ginger friend appears to be giving that toy fox a brutal mauling, we would still gladly take this little guy out for Thai food, because he would pick out all the bamboo shoots from the pad thai, obviously.

Mr. Red Panda won't be on public display until Saturday, May 10, but the folks from Animal Planet are currently hard at work on his fancy new treehouse, which comes complete with a covered, wraparound deck and lengthy, reclaimed wood promenade leading to a second sun deck. This is one red panda who can totally get behind a little temporary human encroachment — even in the Outer Sunset, those sort of amenities are expensive.

Also included here: an adorably arboreal koala bear who got some face time with Animal Planet this week. Koala, you can definitely come along for Thai food too!